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Gold Futures Settle Lower As Dollar Remains Steady

Gold prices edged lower amid thin volumes on Wednesday, as the dollar gained some ground against major currencies, ahead of the release of the Beige Book.

The Beige Book will throw light on current economic conditions in the twelve Fed districts. Investors also look ahead to the monthly jobs data, due later in the week.

The dollar index, after declining to around 96.76 earlier in the session, recovered to move past 97.15 subsequently, before retreating to 96.90, up slightly from previous close.

Gold futures for February ended down $4.00, or 0.3%, at $1,242.60 an ounce. On Tuesday, gold futures ended up 7.00, or 0.6%, at $1,246.60 an ounce, the highest settlement since July 25.

Silver futures for March settled at $14.582 an ounce, down from Tuesday's close of $14.640 an ounce.

Copper futures for March settled at $2.774 per pound, up from $2.759 per pound on Tuesday.

The dollar was somewhat steady today after the Chinese Commerce Ministry said that the weekend meeting between U.S. President Donald Trump and Chinese Prime Minister Xi Jinping was very successful and the working groups of the two states will actively hold consultations for 90 days in accordance with the agreement and the road map.

However, declining treasury yields and concerns about global economic growth may weigh on the greenback in the near term.

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